PNT Reporter

25 Apr 2023

Recently, the Executive Director of DBS Bank India announced that the bank plans to introduce home loans for the affordable housing sector. The loans will be targeted towards individuals living in Tier 2 and Tier 3 cities and is likely to be officially available from the last quarter of the current financial year. This decision is in the line with the bank’s larger goal of expanding its retail portfolio. The company also announced a partnership with Indiafilings to provide end-to-end financial services and a proprietary credit card catered to the affluent to be launched in June this year.Read more

PNT Reporter

24 Apr 2023

Secunderabad Cantonment property owners are likely to face increased property tax rates due to the ongoing triennial revision. Revised rates are expected to be 27.6% for residential properties and 30.3% for commercial establishments, up from the current 24.6% and 27.6% respectively. Officials anticipate generating revenue of Rs 30 to 32 crore through the revised tax rates, which will contribute to infrastructure development and public services. The Secunderabad Cantonment Board (SCB) plans to issue a public notice inviting property owners to submit their objections to the proposed tax rate increase.Read more

PNT Reporter

24 Apr 2023

The Nashik Municipal Corporation (NMC) has experienced a boost in property tax collection within the first 12 days of April, thanks to its revised tax rebate initiative. Over 50,000 residents have already paid Rs 10 crore in property taxes, with officials expecting collections to reach Rs 45 crore by April 30. The civic body offers an 8% rebate for payments in April, 6% in May, and 3% in June. Additionally, a 5% rebate is provided to residents who install eco-friendly facilities such as EV charging stations or rainwater harvesting systems on their property.Read more

PNT Reporter

24 Apr 2023

The revenue department of Ahmedabad Municipal Corporation (AMC) has introduced a scheme to encourage people to pay their property tax in advance. This scheme offers a 12% tax interest rebate for those who pay their property tax between April 18 and May 17, and an additional 1% rebate if the payment is made online. Those who have paid their taxes in advance in the last three years will benefit from an additional 2% rebate. Additionally, those who have paid their advance taxes through online methods for three years will receive a 1% additional rebate.Read more

PNT Reporter

24 Apr 2023

The financial stability of a major real estate company in Vietnam, No Va Land, has been questioned by PricewaterhouseCoopers (PwC) due to difficulties in the real estate market in Vietnam. No Va Land is facing significant bond payments this year, and the market has been struggling due to a surplus of high-end property, high debt, stricter rules on bond issuance and refinancing, and the arrest of high-profile business executives.Read more

PNT Reporter

24 Apr 2023

Certus Capital, an institutional real estate investment and consultancy firm, has invested Rs 80 crore in a luxury residential project called Aakasa, located in Mumbai's Worli locality. The project is being constructed by Techno Group, Fortune Realty, and Gala and is situated near the upcoming Ritz Carlton Hotel. The project has a revenue potential of about Rs 350 crore based on the current property pricing in the area and has obtained all necessary approvals. The investment from Certus Capital will be used to finance the project's construction. This deal marks the company's second investment in the micro market of Mumbai during the last six months.Read more

PNT Reporter

21 Apr 2023

IDBI Bank, PNB Housing Finance, and Sicom are planning to sell almost their entire distressed loan books, replicating the sale processes undertaken by Yes Bank and Bandhan Bank last year to clean up their books. IDBI Bank is reportedly in talks with special situation funds to acquire as much as ?25,000 crore of non-performing loan book. PNB Housing Finance has invited offers to sell about ?3,000 crore loan book, while Sicom has invited offers to sell 48 accounts with dues of ?9,724.5 crore.Read more

PNT Reporter

21 Apr 2023

Thousands of property owners in Bengaluru, India are still waiting for the city's civic body to withdraw notices issued to them regarding alleged tax arrears. The property owners claim they had been assessing and paying their taxes online according to the old zonal classification rates since 2016-17 when zones were reclassified. The delay in resolving the issue has left property owners feeling helpless and frustrated.Read more

PNT Reporter

21 Apr 2023

The National Financial Reporting Authority (NFRA) has imposed a one-year ban and fines on four auditors for alleged misconduct during the 2017-18 audit of Dewan Housing Finance Corp Ltd (DHFL) branches. The auditors, partners of K Varghese & Co, have been fined Rs 1 lakh each and prohibited from undertaking any audit for financial statements or internal audit of companies during the ban period. NFRA's investigation found violations of the Companies Act, 2013, and the Chartered Accountants Act, 1949, as well as non-compliance with applicable Standards on Auditing (SAs).Read more

PNT Reporter

21 Apr 2023

The former MD and CEO of Godrej Properties Mohit Malhotra has founded a real estate development and investment firm named NeoLiv. The Securities and Exchange Board of India has approved Neoliv under AIF Category (II). The company is optimistic that it will raise 1000 Cr before the end of the year based on strong initial investor interest. According to a press release, the company is said to be in advanced phases of commercial closures with several landowners in MMR and Delhi NCR to jointly develop residential projects.Read more